Corridor Energy LLC has identified, financed and closed its first energy infrastructure real asset transaction. Corridor facilitated a $16.1 million acquisition by Tortoise Capital Resources Corp. in a 40% undivided interest in the Eastern Interconnect Project, a 216-mile power transmission line operated by Public Service Company of New Mexico, a subsidiary of PNM Resources, Inc.

This transaction advances TTO’s and Corridor’s goal of partnering with high-quality operators by investing in real assets in energy infrastructure. Founded in 1917, Public Service Company of New Mexico is New Mexico’s largest electric utility provider, serving more than 500,000 customers statewide. The EIP is one of only seven facilities providing east to west transfer in the U.S., making it a critical component of the energy system.

“Our strategy is to use our financial and operational expertise to build relationships with energy company management teams,” said Richard Green, Managing Director of Corridor, “and we are delighted to become Public Service Company of New Mexico’s partner in this asset. This system fits nicely with our investment criteria, and is an important step in executing TTO’s strategy for transforming the company from a business development company (BDC) into a Real Estate Investment Trust (REIT) in the future. We are actively pursuing additional energy transmission and distribution investments.”

“According to the Brattle Group, investment in new transmission moving forward will be approximately $10 billion annually. We are investing in the infrastructure corridors that deliver the vital energy resources our economy needs to grow,” Green concluded.